Coinbase Global (NASDAQ:COIN) Price Target Raised to $400.00 at Canaccord Genuity Group

Coinbase Global (NASDAQ:COIN) had its target price raised by equities researchers at Canaccord Genuity Group from $280.00 to $400.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the cryptocurrency exchange’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 34.18% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. HC Wainwright increased their price objective on shares of Coinbase Global from $255.00 to $330.00 and gave the stock a “buy” rating in a research note on Wednesday. Keefe, Bruyette & Woods decreased their price target on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a research report on Monday, January 13th. Mizuho raised shares of Coinbase Global from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $250.00 to $290.00 in a research report on Wednesday, January 29th. Barclays raised their target price on Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Finally, Oppenheimer lowered their target price on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and an average price target of $292.56.

Coinbase Global Price Performance

Shares of COIN opened at $298.11 on Friday. The firm has a market cap of $74.63 billion, a PE ratio of 50.87 and a beta of 3.61. Coinbase Global has a 1-year low of $146.12 and a 1-year high of $349.75. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a fifty day simple moving average of $282.36 and a two-hundred day simple moving average of $237.88.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. On average, equities analysts anticipate that Coinbase Global will post 4.81 EPS for the current year.

Insider Buying and Selling

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $172,528. The trade was a 99.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total value of $2,566,900.00. Following the transaction, the insider now owns 69,407 shares of the company’s stock, valued at $17,816,082.83. This represents a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 386,798 shares of company stock worth $114,707,944. 23.43% of the stock is owned by insiders.

Hedge Funds Weigh In On Coinbase Global

Institutional investors have recently bought and sold shares of the business. MML Investors Services LLC raised its position in shares of Coinbase Global by 16.8% during the 4th quarter. MML Investors Services LLC now owns 14,659 shares of the cryptocurrency exchange’s stock valued at $3,640,000 after buying an additional 2,109 shares in the last quarter. MetLife Investment Management LLC increased its stake in Coinbase Global by 0.5% during the fourth quarter. MetLife Investment Management LLC now owns 11,061 shares of the cryptocurrency exchange’s stock worth $2,746,000 after acquiring an additional 55 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Coinbase Global by 2.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 408,170 shares of the cryptocurrency exchange’s stock worth $101,392,000 after acquiring an additional 7,834 shares during the last quarter. First Trust Advisors LP raised its position in Coinbase Global by 33.8% during the fourth quarter. First Trust Advisors LP now owns 162,635 shares of the cryptocurrency exchange’s stock valued at $40,382,000 after purchasing an additional 41,115 shares during the period. Finally, Emory University lifted its stake in shares of Coinbase Global by 1.5% in the 4th quarter. Emory University now owns 4,376 shares of the cryptocurrency exchange’s stock valued at $1,087,000 after purchasing an additional 64 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.